Basic objective of this lecture is to present on Contract Agreement Act. A contract is an agreement that is enforceable by a court of law. Essential elements of Contract Agreement Act are Agreement, Consideration, Contractual Capacity and Legality. Here also briefly describe on types of contracts; they are: Express and Implied Contracts, Bilateral and Unilateral Contracts, Executory and Executed Contracts and Valid, Void, Voidable and Unenforceable Contracts.